Buying an insurance policy is not a herculean job, however, the real task is how to claim your insurance policy? In any major city be it Texas, Newyork, Florida business owners buy costly insurance plans to keep themselves safe from becoming bankrupt once some damage occurs to their commercial property.
Loss estimate is the main task before making an insurance claim, a businessman should be completely aware about the value of his business property. A businessman suffers a heavy loss even remaining few weeks out of market, it can cost him millions. Therefore, getting your business restored and getting the insurance amount is essential.
The insurance claim depends on the documentation and evidences collected for your damage, while making a loss estimate and claiming your insurance follow these tips:
Immediately report even minor damage
“A spark neglected burns the house”, is a famous maxim, so, overlooking even a small damage to your commercial property may cause you a heavy loss. So every kind of damage should get checked by a expert person and claim should be filed immediately.
Recording the reported claim
Everyone is aware about the frauds and scams that are faced by people, So, at the time of making the insurance claim always document or record it. It is advisable to fax or email the report so that you will have some evidence with you, and the date and time will be remembered. If making the call is very essential record the call or get it videographed.
Avoid estimating the severity of the damage yourself
While making the insurance claims, the company may ask you about the severity of the damages, never speculate and tell out of your own calculation. The damage should be estimated after the observation by a civil engineer or any other expert. You should respond on the basis of visible damage not estimated costs or estimated damage.
Always take photos and videos of the damage at the first instance
It is imperative to take photographs of your damaged property for insurance claim, before repairing or clearing the debris of your commercial property. Keep details of the damage documented before making any claim. There are many smartphone apps that can help you organize the documentation of the damage.
Do not immediately dispose off the damaged property
You will receive the insurance money, solely based on the inspection of your damaged property. Do not dispose off the property until it has been inspected by an insurance agent. Doing that will weaken your insurance claim. Even, if an insurance agent, from insurance company gives you permission to dispose it off, get it in writing.
Know the person, evaluating your claim
If an insurance adjuster comes for observation of your damaged property, ask him/her , if he/she is the independent adjuster or employee of your insurance company. Ask email address, phone number if the person is an independent adjuster.
Always know your rights, before any settlement with the insurance company
It is not necessary that the first offer that an insurance company offers you will be sufficient for your damage. Consult an attorney before settling for any deal, the insurance company will try its best to save their end, so knowing your rights is very important.
Get the right professionals involved before agreeing to a settlement
Get advice and help from the expert personnel that are well versed with insurance policies and also sympathetic to you.